As talked about previously i mentioned the possibility of an upcoming bear trap on the Ethereum bears, where we would breakout and close below our key level at 3990-4K faking out traders into thinking a bigger drop is coming, before then rebounding to the upside and hopefully this plays out as a bear trap because that will mean we will be seeing some nice upside soon to come. We are currently breaking back into our accumulation zone at 4K and its looking like we are going to see a bullish daily close above here which will be big! on the BJ key levels we are looking at the 4k-4100 zone as our first crucial level, a break above here will be a bullish sign and likely give us some momentum to keep pushing to the upside. We do have multiple levels of resistance from 4k-4600 which is our accumulation zone i have been talking about, ultimately we need to break and close above 4600 and hold above here before we can really say we are looking bullish. simply due to the fact that for the past 3 weeks we have been stuck in this range where we are seeing strong hands buy but for the most part moving sideways. A really great sign that i noticed is that we have regained the 100 day MA, this is one of the stronger MA's as it is calculation the moving average over a 100 day period, not any recent movement as far as the 200 day MA goes but it is definitely a positive that we have held this level aswell. We had a bit of a scare when we closed below the 0.2 FIB level and thats why i believe this bear trap is happening, that was a very bearish close but soon after we rebounded to the upside, i think this is just the start. Now lets look at the RMI, we are falling to the downside still but things are starting to look up, we seem to be bottoming out with our pink starting to move sideways and our orange coming down towards the pink, looking for this bullish reversal, we are at the lowest point since the start of October and i think with some good momentum we are due for a big big run to the upside and a big time reversal! Not financial advice just my opinion!
